Bitcoin Technical Analysis Report | 10th-June-2024

BTC
Crypto

Bitcoin’s price has slipped from its intra-week high of approximately $72,000, but the bulls strive to maintain support above $67,000. The crypto is poised to close the week with modest gains of just over 2%. Despite not breaking through the overhead resistance, buying interest has remained steady. Investor data reveals around $1.7 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) this week, pushing the total investment to $15.5 billion as of June 6th. This strong buying activity indicates that traders expect the upward trend to persist.

At the time of writing, BTC was trading at $69,674.

Bitcoin Monday Daily Chart-10th June 2024
Bitcoin (BTC) Chart

After correcting almost by 23%, Bitcoin dropped from its all-time high of $73,777 to $56,552. The lower shadow around the crucial support level of $56,000  indicated buying from these levels and the prices rallied up to $71,979. BTC is struggling to sustain and give a weekly close above $70,000 and continues to trade in a broad range between $72,000 to $67,000 with declining volumes. Breakouts on either side of the range will further decide the trend for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.
$60,000$67,000BTC$73,777$85,000

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